MFA submitted a comment letter to the Committee of European Banking Supervisors in response to its consultation paper on remuneration guidelines. In the letter, MFA expressed support for the underlying goals of the Guidelines and stated our view that the structure of and revenue and remuneration models of hedge fund advisers are well designed to achieve the goals of the Guideline. MFA also expressed support for the recognition of the principle of proportionality and encouraged CEBS to consider providing additional flexibility with respect to several principles in the Guidelines, including ex-post adjustment of remuneration, the definition of Identified Staff, multi-year performance assessments, and public disclosure of remuneration policies and aggregate remuneration information.